• USD/JPY extends its decline to nearly 148.90 in Thursday’s Asian session. 
• US Fed held its key lending rate steady at its July meeting on Wednesday, but flags cuts 'as soon as' September. 
• The BoJ raised interest rates to levels unseen in 15 years.  

The USD/JPY pair faces some selling pressure and drops below the 150.00 psychological level during the Asian session on Thursday. The pair currently trades around 148.90, down 0.71% on the day. The dovish stance of the Federal Reserve (Fed) and the surprising rate hike by the Bank of Japan (BoJ) weigh on the pair. Later in the day, traders will monitor the US Manufacturing PMI data for July, along with the weekly Initial Jobless Claims. 

After two days of deliberations, the Fed decided to leave its key lending rate unchanged between 5.25% and 5.50% on Wednesday. However, Fed Chair Jerome Powell said during the press conference that the first interest rate cut could come "as soon as" the Fed's next rate meeting in September if the data "continue to point to kind of the direction we would want to see.”